This module allows you to analyze existing cross correlation between Chevron Corporation and Best Buy Co Inc. You can compare the effects of market volatilities on Chevron and Best Buy and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Chevron with a short position of Best Buy. See also your portfolio center
. Please also check ongoing floating volatility patterns of Chevron
and Best Buy
Chevron Corp. vs Best Buy Co. Inc.
Considering 30-days investment horizon, Chevron is expected to generate 2.04 times less return on investment than Best Buy. In addition to that, Chevron is 1.03 times more volatile than Best Buy Co Inc. It trades about 0.02 of its total potential returns per unit of risk. Best Buy Co Inc is currently generating about 0.04 per unit of volatility. If you would invest 5,115 in Best Buy Co Inc on April 24, 2017 and sell it today you would earn a total of 40.00 from holding Best Buy Co Inc or generate 0.78% return on investment over 30 days.
|Time Period||1 Month [change]|
Very weak diversification
Overlapping area represents the amount of risk that can be diversified away by holding Chevron Corp. and Best Buy Co. Inc. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Best Buy Co and Chevron is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Chevron Corporation are associated (or correlated) with Best Buy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Best Buy Co has no effect on the direction of Chevron i.e. Chevron and Best Buy go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Chevron Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in Best Buy Co Inc are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.